Jul 12, 2014
Home | Tools| Events| Blogs| Discussions Sign UpLogin

AgDay Blog


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--Dec. 28

Dec 28, 2012

Friday, December 28--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

Investors and traders continue to worry about the U.S.
fiscal cliff negotiations that have stalled and now with
only a few days left for U.S. lawmakers to reach a deal.
Lawmakers have until January 3 to come to agreement before
the government falls off the fiscal cliff. President Obama
meets with a group of Democrat and Republican leaders Friday
on the matter. The House of Representatives will convene
Sunday evening on a last-ditch effort to reach an agreement
with the Obama administration. Many pundits are now
reckoning the January 3 deadline will not be met, but that a
deal will be reached in January. While markets do not like
the uncertainty associated with the fiscal cliff, they are
now becoming somewhat numb to the matter. In overnight news,
U.S. and European stock markets weakened further on the U.S.
fiscal cliff worries. Reports Friday said the European Union
collective economy will contract in the fourth quarter of
2012, marketing the third straight quarter of negative
growth. There was another well-received Italian bond auction
Friday. Meantime, the Japanese stock market hit a new 21-
month high overnight and the yen hit a 28-month low against
the U.S. dollar on ideas the Bank of Japan will continue to
use monetary policy to stimulate the Japanese economy. U.S.
economic reports due for release Friday include the ISM
Chicago business survey, the pending home sales index and
the weekly DOE energy stocks report.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are weaker in early trading today.
Bulls have faded recently. The shorter-term moving averages
(4-, 9- and 18-day) are neutral early today. The 4-day
moving average is below the 9-day and 18-day. The 9-day is
above the 18-day moving average. Short-term oscillators
(RSI, slow stochastics) are bearish early today. Today,
shorter-term technical resistance comes in at the overnight
high of 1,416.50 and then at this week’s high of 1,425.00.
Buy stops likely reside just above those levels. Downside
support for active traders today is located at this week’s
low of 1,396.00 and then at last week’s low of 1,391.70.
Sell stops are likely located just below those levels.
Wyckoff's Intra-day Market Rating: 4.5

Nasdaq index futures: Prices are weaker early today. Bulls
have faded recently. The shorter-term moving averages (4- 9-
and 18-day) are neutral early today. The 4-day moving
average is below the 9-day and 18-day. The 9-day average is
above the 18-day. Short-term oscillators (RSI, slow
stochastics) are bearish early today. Shorter-term technical
resistance is located at the overnight high of 2,630.50 and
then at 2,650.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at
2,600.00 and then at this week’s low of 2,593.50. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 4.5

Dow futures: Prices are lower early today. Bulls are fading.
Sell stops likely reside just below technical support at
Thursday’s low of 12,900 and then at 12,850. Buy stops
likely reside just above technical resistance at 13,003 and
then at Thursday’s high of 13,070. Shorter-term moving
averages are neutral early today, as the 4-day moving
average is below the 9-day and 18-day. The 9-day moving
average is above the 18-day moving average. Shorter-term
oscillators (RSI, slow stochastics) are bearish early today.
Wyckoff's Intra-Day Market Rating: 4.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Prices are near steady early today.
Bulls are trying to recover from recent losses but have more
work to do. Shorter-term moving averages (4- 9- 18-day) are
neutral early today. The 4-day moving average is above the
9-day. The 9-day is below the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral to bullish
early today. Shorter-term resistance lies at Thursday’s high
of 148 18/32 and 149 even. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
148 even and then at the overnight low of 147 23/32. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 5.0

March U.S. T-Notes: Prices are firmer early today. Bulls
are regaining some upside momentum. Shorter-term moving
averages (4- 9- 18-day) are neutral early today. The 4-day
moving average is above the 9-day. The 9-day is below the
18-day moving average. Oscillators (RSI, slow stochastics)
are bullish early today. Shorter-term resistance lies at
the overnight high of 133.02.5 and then at 133.08.0. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 132.22.5 and
then at 132.16.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The March U.S. dollar index is firmer in early U.S. trading,
on short covering in a bear market. Bears still have the
overall near-term technical advantage. Slow stochastics for
the dollar index are bullish early today. The dollar index
finds shorter-term technical resistance at the overnight
high of 80.05 and then at 80.25. Shorter-term support is
seen at the overnight low of 79.685 and then at this week’s
low of 79.42. Wyckoff's Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

Crude oil prices are near steady early today. Prices
overnight hit another fresh nine-week high as the bulls have
gained good upside technical momentum recently. In February
Nymex crude, look for buy stops to reside just above
resistance at the overnight high of $91.49 and then at
$92.00. Look for sell stops just below technical support at
$90.00 and then at $89.50. Wyckoff's Intra-Day Market
Rating: 5.5

GRAINS

Markets were firmer in overnight trading, on short
covering. The grain market bulls have faded badly recently
and bears still have some downside near-term technical
momentum on their side. Bulls are seeking some fresh,
bullish fundamental inputs for the grains. Weekly USDA
export sales data is out this morning. Bullish news in the
grains has been scarce recently. However, it would not
surprise me to see some fresh speculative money enter the
grain markets on the long side as the new year gets under
way.
 

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.

MARKETS

CROPSLIVESTOCKFINANCEENERGYMETALS
Market Data provided by Barchart.com
Enter Zip Code below to view live local results:
bayer
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions